Gone are the days when you had to consult newspaper classifieds to find job advertisements. These days, if you are in the job market, the first thing you do is search for job board websites.
As such, a job board is an excellent idea for an online venture. If you are to establish a job board, there is plenty of profit potential in the business model. That is if you do it right.
When running a job board, your target is two types of customers: employers and job applicants. In order to establish a successful job board, you need a plan right from the beginning.
Let us look at a few ways that you can make money from your job board site.
For Job Seekers
Job boards are not only used by active job seekers but also passive applicants who are looking for online job opportunities. Consequently, you can always turn your website around as one of the career resources that offers expert advice.
Apart from charging for listings, you can include career services that will help applicants get more interviews.
The majority of career advice experts recommend candidates get professional with their CV. You could hire someone to write resume on your platform or partner with a service that can handle this feature for you.
Your website could offer to prepare a resume from scratch that persuasively presents the applicant’s qualifications and experiences. Or you could also offer to edit the resume to tailor them to a specific job posting. This way, individuals can craft a winning resume that can beat commonly used applicant tracking systems used by recruiters these days.
Subscriptions to View Jobs
There are several approaches you can take for this business model. For instance, in highly competitive markets, job seekers are willing to pay to receive notifications of the best positions as soon as they open up. This will enable them to never miss an opportunity, and take swift action.
Such exclusivity allows employers to weed out any applicants who are not serious about their job search. This will give your job board the reputation of being able to deliver the right candidates as well.
Alternatively, you could display the job but give access to contact details only for subscribed users.
However, in order for job seekers to spend money on this option, you will need to offer exclusive job listings on your site as well. In others, if they can find the same position listed for free on other job board platforms, they will not consult yours. Therefore, you might need to partner with companies and come to an agreement that they will feature thor ads only on your site.
Another way to help serious job seekers is to let them feature their resumes for the potential employers. This will have their CVs appear at the top of the stack and improve their chances of getting picked up by the hiring manager.
You can also give more options to include, such as a video resume or a covering letter, only accessible for registered members of the site.
The most common method of monetizing a job website is to charge an employer to list their jobs. What you need to understand is recruiters are looking for resources that can point them to the right candidates and fill the position quickly.
Based on a recent 2020-2021 study on job boards, it was reported that 68% of listing sites rely on job posts and packages as the primary source of revenue. For many businesses, these are often the only source of income as well.
In order to find out how to price the job listings, you will have to first perform competitive analysis and market research. Based on this, you could also set up a subscription model that gives different types of access to candidates. Such plans can be based on the number of job slots, as well as access to other features such as featured resumes.
Have a look at how resume access would work below.
Similar to the featured resume service for job seekers, you can also include premium plans for employers who want to have a look at the featured applications first.
Additionally, you could also create a database of CVs and charge the employers a monthly fee to gain access to them. However, bear in mind that such a strategy can be used only when you have a significant number of resumes available on your site. If not, you will not be offering sufficient value to your customers, and they are likely to look elsewhere.
In case an employer is looking to fill a position urgently, you could also offer a plan that will highlight their job listing. You could push the opening to the candidates through email notifications, push alerts, as well as through newsletters.
You could also offer a service to craft the perfect job listing based on the specific requirements of the recruiters. Additionally, hiring managers will also appreciate access to resume-scanning software that will help them weed out the best candidates on your platform.
As a website, another way to create income is to post ads on your site. Here is a quick look at how you can make the best of this option.
If you do not have sufficient listings, especially when you start out, job backfill can help you get some traffic to the website. This functionality allows you to feature job listings from other platforms such as ZipRecruiter and Indeed and can fill the space up in a user’s eyes.
You will be essentially working as an affiliate and will earn a commission for every click you deliver on these listings.
If you didn’t know this already, the best way to invite ads on your site is through Google Adsense. How much revenue you generate will depend on the traffic and the clicks you get on this site.
If not through Google, you can also get advertisements specific to your niche on your site. But this will require your site to be established enough so that other companies will want to get access to the real estate on your site’s pages.
While advertisements can be lucrative, make sure that they do not overcrowd your website. This could negatively impact the visual appeal of your pages, as well as the credibility of your business.
As with any other business, you will have to invest in marketing and outreach strategies to attach both employers and job seekers to your site. Once you have sufficient content that is worthy to the audience, you can set up a recurring subscription that will help your site earn money passively well into the future.
Work out your strategy based on our suggestions and see which one will fit the best with your business model.